contax mk2b
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Extracted from Channelnewsasia....
Ambitious Chinese automaker Chery Automobile is mulling an initial public offering of shares to fund its expansion strategy overseas.
"Chery will need 30 billion yuan (3.8 billion dollars) for investment in the coming five to 10 years," vice president Lu Jianhui was quoted as saying by the Shanghai Securities News.
He said the company was working on the IPO plan, but had not decided on the details or a timetable.
Chery, which sold about 210,000 cars in the first nine months of the year, has been in talks over possible alliances with several foreign auto makers, including DaimlerChrysler AG.
In September it reached an initial deal to produce cars in Iran with state-controlled auto group Iran Khodro, according to previous state press report.
Malaysian carmaker Proton said in May it was also in discussions with Chinese manufacturers.
Chery is best known for its QQ mini-car, which was the subject of a bitter but now settled lawsuit initiated by Detroit-based General Motors over accusations it had copied its own Spark model.
The Anhui province carmaker aims to sell 30,000 cars overseas in 2006 and expects to export 80,000 to 100,000 vehicles to overseas markets next year, mainly to the Middle East and Southeast Asia.
Separately, Chery signed a memorandum of understanding to sell 1.6 and 1.8 liter gasoline car engines to Fiat, the Italian carmaker said Tuesday.
Under the terms deal, Chery is expected to supply more than 100,000 engines a year, which will be fitted in Fiat cars produced in and outside China.
A final agreement is expected to be signed by the end of the year.
Fiat also has two joint ventures with Nanjing Automobile Group Co.
Ambitious Chinese automaker Chery Automobile is mulling an initial public offering of shares to fund its expansion strategy overseas.
"Chery will need 30 billion yuan (3.8 billion dollars) for investment in the coming five to 10 years," vice president Lu Jianhui was quoted as saying by the Shanghai Securities News.
He said the company was working on the IPO plan, but had not decided on the details or a timetable.
Chery, which sold about 210,000 cars in the first nine months of the year, has been in talks over possible alliances with several foreign auto makers, including DaimlerChrysler AG.
In September it reached an initial deal to produce cars in Iran with state-controlled auto group Iran Khodro, according to previous state press report.
Malaysian carmaker Proton said in May it was also in discussions with Chinese manufacturers.
Chery is best known for its QQ mini-car, which was the subject of a bitter but now settled lawsuit initiated by Detroit-based General Motors over accusations it had copied its own Spark model.
The Anhui province carmaker aims to sell 30,000 cars overseas in 2006 and expects to export 80,000 to 100,000 vehicles to overseas markets next year, mainly to the Middle East and Southeast Asia.
Separately, Chery signed a memorandum of understanding to sell 1.6 and 1.8 liter gasoline car engines to Fiat, the Italian carmaker said Tuesday.
Under the terms deal, Chery is expected to supply more than 100,000 engines a year, which will be fitted in Fiat cars produced in and outside China.
A final agreement is expected to be signed by the end of the year.
Fiat also has two joint ventures with Nanjing Automobile Group Co.
